Elon Musk Now Has His Own Social Media PlatformApril 25, 2022
Twitter will accept Elon Musk’s offer to buy the company for $43 billion, reports suggest. The stunning news means that the billionaire will take the social media giant private, despite calling the website a “public square” that should adhere to “free speech” principles.
Many outlets expect the company to announce that it will accept the billionaire’s offer as early as today. However, the talks are still fluid, and the deal could potentially fall apart at the last minute, according to reports from Bloomberg and Reuters.
The two sides met on Sunday to discuss the billionaire’s $54.20 per share offer, where they negotiated all night and into Monday morning, according to multiple reports.
Twitter had expected to reject the SpaceX CEO’s offer, and adopted a “poison pill” defense to fend off the unwanted takeover attempt. The tactic would make it difficult for Musk to acquire a majority of the company by increasing the number of shares available.
Many shareholders reached out to the company after Musk detailed a financing plan to support his bid on Thursday and urged the company not to let the opportunity for a deal slip away.
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Once confirmed, the deal will bring closure to the 4-week ordeal which started in March. Musk said “free speech is essential to a functioning democracy,” and accused Twitter of “failing to adhere to free speech principles.” The billionaire asked his 83 million followers if they thought a new platform was needed, musing that he’d given some “serious thought” to starting a rival service.
But, unbeknownst to the public at the time, Musk had already acquired a $2.9 billion stake in Twitter. After the news was made public, the company’s board offered him a seat on its board, but he subsequently declined the offer.
The world’s richest man wasn’t about to be relegated to a chair on the board of directors; he wanted to own the social media giant outright. Now, it looks like his original offer, which he called his “best and final,” is good enough to get him there.
Now, it looks like Elon Musk has pulled off the caper.
Source: Bloomberg, Reuters
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